New South Wales Repealed Regulations

This legislation has been repealed.

WORKERS COMPENSATION REGULATION 2010 - REG 171

171 Number, size and times for payment of instalments

(1) If an employer elects to pay the premiums under a policy of insurance by instalments in accordance with this Subdivision and pays the required instalments deposit (that is, Instalment No 1) within 1 month after the commencement of the period of insurance, the premiums are payable in instalments as follows:

Payment to be made within 2 months after the commencement of the period of insurance. The amount of the instalment is to be the amount by which two-twelfths of the estimated premium for the policy (as estimated for that payment) exceeds the amount paid as the required instalments deposit.

Payment to be made within 3 months after the commencement of the period of insurance. The amount of the instalment is to be the amount by which three-twelfths of the estimated premium for the policy (as estimated for that payment) exceeds the amount paid as instalments (including the required instalments deposit).

Payment to be made within 1 month after the date on which the last instalment was due. The amount is to be calculated in the same manner as Instalment Nos 2 and 3 adjusted appropriately according to the number of the instalment to be paid.

Payment to be made within 12 months after the commencement of the period of insurance. The amount of the instalment is to be the balance of the estimated premium for the policy (as estimated for that payment) taking into account instalments already paid (including the required instalments deposit).

Payment to be made:

(a) within 1 month after service on the employer of a notice that such an adjustment is due, or

(b) within 3 months after service of the notice and in approximately equal monthly instalments as set out in the notice if:

(i) the amount of the adjustment is more than $1,000, and

(ii) the employer elects to pay the amount by monthly instalments, and

(iii) the policy to which the notice relates was issued at or after 4 pm on 30 June 2014.

The amount of such an adjustment is the amount by which the actual premium payable for a policy exceeds the amounts already paid by way of instalments (including the required instalments deposit).

(2) A notice in relation to an adjustment of premium as referred to in subclause (1) does not affect the service of a notice under section 172 (1) (c) of the 1987 Act.

(3) If the estimated premium for the policy cannot be determined by the time the required instalments deposit (that is, Instalment No 1) or Instalment Nos 2, 3 or 4 are required to be paid, the amount of the required instalments deposit or other instalment is to be:

(a) one-twelfth of the estimated premium for the employer for the previous period of insurance, or

(b) if there was no such previous period of insurance--$500 or such greater amount as the employer and the insurer may agree.

(4) Subclause (3) applies only if the estimated premium cannot be determined because the employer has not yet supplied the relevant notice under clause 162 (1) and the insurer cannot estimate the premium by reference to wages for the previous period of insurance in accordance with the relevant insurance premiums order or the Workers Compensation Market Practice and Premiums Guidelines.